Oriflame remains bullish after strong Q2

Swedish cosmetics group posts 19% increase in Euro sales

Swedish cosmetics group Oriflame has posted a 19% increase in Q2 2010 Euro sales to €375m with pre-tax profits increasing from €38.7m to €44.3m and net profits up from €22.6m to €29.5m. The quarterly results bring total first half 2010 sales to €736.8m, a rise of 12%.

Oriflame is maintaining its generally bullish forecast for the full year though noting that the focusing of considerable resources on growth will mean some short-term effect on profitability. The company has also said that business conditions in the Iranian market have worsened and the trend has now escalated, leading Oriflame to evaluate its options in this market.

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